8 minute read
SANDPOINT REAL ESTATE
SANDPOINT, IDAHO REAL ESTATE
REAL ESTATE
real estate REFLECTIONS
The past, present and potential for the future in Sandpoint’s housing market
By Taylor Shillam
The demand within Sandpoint’s housing market continues to skyrocket with the influx of remote workers and long-term visitors seeking a different quality and pace of life. In May 2021, Sandpoint’s home prices were up 65.4 percent compared to the year before. According to Redfin, Sandpoint homes are selling at a median price of $612,000. The majority of homes are spending just 14 days on the market, less than half the time they took to sell a year ago.
The hotter homes are selling for about 3 percent over their listing price, going in as little as four days. Overall, 44 percent of homes are being sold above list price, and, at press time, there are just over 300 homes available in Sandpoint.
Such a high demand calls for action to address the need for supply, but that piece of the solution isn’t a quick one.
The rental market is somewhat protected by certain ordinances in place, like 2018’s short-term rental (STR) ordinance, protecting available rentals from being perpetually occupied by tourists.
Short-term rentals are most popular through sites like Airbnb and VRBO, and the ordinance set a limit to their allowance within Sandpoint’s residential neighborhoods.
At the time, the regulations set by the ordinance were successful in their protection of residential housing. Today, more of that protection may need to be put in place, in addition to a construction surge to help satisfy the climbing demand.
Fortunately, some support has arrived in the form of another construction company setting roots in Sandpoint. Just weeks ago, the Spokane-based Ramey Construction expanded to open a second office in town on 5th Avenue.
A high-end Pacific Northwest contractor, Ramey Construction builds commercial projects and custom homes, paying close attention to fine craftsmanship, intricate, personalized details, and innovative designs.
Ramey Construction is a team-based company that can craft a bit of everything, including residential, commercial, and office projects. Testimonies and examples of their craftsmanship can be found at RameyCo.com.
The company saw the need for construction and building support in North Idaho, and expanded their services to serve the Sandpoint area.
“We’ve opened an office in Sandpoint, Idaho, so we can better serve our North Idaho clients and help make their dreams come true,” the company stated. Ramey Construction continues to hire and build their Sandpoint team, and their expertise will certainly be welcomed in the region.
An uncertain time in the housing market calls for a combination of reflection and looking forward in order to discover solutions. Reflecting on past movements that served to protect our residential neighborhoods and rental markets could prove insightful, while looking forward with new partnerships and new resources could bring forth a needed change.
As Sandpoint will certainly continue to be an ideal place to settle for locals and visitors alike, there is no simple answer on how to best move forward in keeping up with high housing demands.
Even still, a glimmer of hope comes with the new season: Summer’s arrival usually brings more sellers to the market, reported Jackie Suarez of Century 21. “Interest rates are still low, which helps buyers see their way to purchase with our prices rising.”
The only thing for certain is that it remains critical to stay informed, stay vigilant toward your goals as a buyer or seller this season, and continue to pursue solutions for affordable, accessible housing for the people of Sandpoint.
MARKET REPORT
It comes as no surprise that our beautiful mountain and lake town continues to be a destination not only for tourists but homebuyers looking to purchase their own piece of this North Idaho heaven. Just like our summer weather, the Sandpoint real estate market continues to stay hot, and there’s no expectation of it cooling down anytime soon. For those first-time homebuyers, it remains a tough market, but the upside is that interest rates remain at a record low, allowing for more buyers to get in the door and secure a home to call their own.
WORLD - CLASS REAL ESTATE PROFESSIONAL
REAL Market Update - Brought to you by Jackie Suarez, Associate Broker
What is the current real estate market climate in North Idaho?
Our market continues to favor Sellers. Good news for Buyers – Summer is here, and more properties are entering the market, especially waterfront. Mortgage lenders are still offering extremely low rates.
Three tips for navigating this market:
1.1. Engage the help of a local agent and full-time professionals who are experts in the market you are entering. Get their advice on aspects that affect use and value. 2. Sellers, you currently have the advantage of high demand and relatively low supply. Devise a strategy for timing your sale, price your home or land accordingly and know your next step. 3. Buyers, be ready. Cash offers tend to take priority in this market. Approach your search with proof of your purchasing ability and keep an open mind to a property’s long-term potential.
Is now a good time to buy or sell?
I I a alwlwa ay ys s sasay y whwhe en n thethe titimeme isis r rightight fofor r yoyou,u, t thehe t timime e i is s r righight t. .
Our market is constantly changing.
What is important to me remains the same - God, Family and Relationships. Contact Jackie Suarez, your local expert for help with your real estate needs.
What Jackie’s clients are saying
“I would highly recommend Jackie Suarez as a Realtor. During the lissng of our property she kept us informed of the process, answering any quessons we had. She used a variety of ways to adversse our property and provided us with material and links to view. I truly cannot thank Jackie enough for all that she has done. Mark and I truly appreciate it! Kathy and Mark G., Sagle, ID
“ “Jackie is an enthusiassc and energesc Realtor. Her posisve and forward-leaning demeanor makes her a pleasure to work with. Not only did she find me a house, she found one for my kids as well! All this in an excepsonally challenging market. She has earned my highest level of trust and confidence! Jesse, Naples, Idaho.
“Thank you, Jackie for making our dreams come true! We are very happy clients! Mark and Diane B., Sandpoint, ID.
“P“Professional x 100…Excepsonal Customer Service…Excellent. ” Ken R., Sagle, ID
Honored to be voted Sandpoint’s nest 2017, 2018, 2019 and 2020
2020
newly listed
Sandpoint, Idaho 83864
amenities
• Heated year-round outdoor pool and hot tub • Private beach • Fitness center • Great room • Dining alcove • Catering kitchen for group entertaining • Exclusive pricing at Wildflower Spa • Private Marina slip • Landscaping and grounds maintenance • Heated driveway and sidewalks • Exterior maintenance • Two window washings a year
description
This one-of-a-kind home on beautiful Lake Pend Oreille is like nothing you’ve seen before. Residing on Seasons’ largest corner space, it’s an oasis of calm, luxury and natural beauty. From incredible panoramic views to expansive open spaces infused with the sparkling blue light of the lake and green from the mountains, this home is a musthave. Come see what the perfect blend of luxury and North Idaho living has to offer! NEDRA KANAVEL
Associate Broker Luxury Marketing Specialist ReMax Collection
113 North First Avenue, Sandpoint, ID Cell: 208.610.4624 | Office: 208.265.7363 nedra@nedrakanavel.com | nedraknowshomes.com
